Reserve income, Circle's primary revenue driver, shows strong growth tied to USDC stablecoin adoption. In Q3 2025, reserve income surged 60% year-over-year. USDC circulation nearly doubled during the period. This volume growth offset a decline of almost 100 basis points in the reserve return rate.
Circle's financial performance increasingly depends on network expansion and USDC usage, rather than solely on macroeconomic interest rates. Analysts project this momentum will continue. Revenue is forecasted to grow over 18% in 2026. Sustained USDC adoption remains critical for the company's financial success.